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If the collateral is only worth 75M, then only half of the secured creditors claim will be covered by collateral and the remaining 75m will be treated as a general unsecured claim.
That remaining 75m gets lumped together with the 150m of unsecureds and they only have 125m of EV to cover it (which is 200m total EV - 75m of collateral = 125m). The unsecureds get 125/225* 150 which is ~$83 (55.5 cents on the dollar recovery) while the secured creditors are getting 75+125/225*75 which is~$116.67 (77.7 cents on the dollar recovery)
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